转自：前瞻产业研究院 2、企业对外投资主要为上下游产业拓展 从中国代表性企业的对外投资来看，大部分企业投资的子公司主营为代糖及相关业务，也有部分投资企 业为代糖上下游或者是其他业务领域的企业。中国代糖行业代表性企业对外投资情况汇总如下： 图表2: 截至2025年中国代糖行业代表性企业对外投资情况(1)(单位:万元,%) 代糖行业主要上市公司：三元生物(301206)、保龄宝(002286)、华康股份(605077)、百龙创园(605016)、 晨光生物(300138)、金禾实业(002597)、莱茵生物(002166)等 本文核心数据：中国代糖领域代表性公司融资情况;中国代糖领域代表性公司投资情况;中国代糖产业园 区发展情况;中国代糖领域兼并重组情况 1、上市企业融资主要为了提升产能 根据代表性上市企业公告的梳理，代糖行业的上市公司融资手段主要有IPO、非公开发行股票和发行可 转债。从整体来看，中国代糖行业上市企业的融资主要用于新建项目，提升企业产能。2021-2025年代 糖行业代表性企业主要的融资事件如下： | 投资企业 | 被投资企业 | 认缴金额 | 投资比例 | 成立日期 | | --- | --- ...

据悉，辽宁启生源D-阿洛酮糖项目一期总投资10亿元，建成后将形成年产6万吨生产能力，年产值 可达10亿元。为推动项目早日投产达效，铁岭将持续优化营商环境，全力做好项目全生命周期服务保 障，严格把控工程质量关、安全关、进度关，确保高标准建设、高效率推进。 副省长王利波出席开工仪式并宣布项目开工。 今年7月，我国正式批准D-阿洛酮糖作为新食品原料，打开了广阔的应用市场。该代糖产品甜度约 为蔗糖的70%，具有近乎零热量、不升血糖等特点，可广泛应用于饮料、烘焙等食品领域，预计未来5 年国内市场需求将突破100万吨。 11月13日，辽宁启生源年产6万吨D-阿洛酮糖项目在铁岭开原市举行开工仪式，这标志着铁岭市在 打造代糖产业基地方面迈出关键一步。 作为铁岭市重点推进的项目，该项目体量大、前景好、带动力强，其顺利实施不仅是铁岭食品产业 延链补链强链的重大突破，更是当地培育新质生产力、抢占生物制造新赛道的重要实践，达产后将有力 推动铁岭玉米产业向绿色生物智造转型。 ...

Group 1: Industry Overview - The Chinese sugar substitute industry has a competitive hierarchy, with companies having registered capital exceeding 500 million yuan, such as Rhein Biotech, Jinhui Industrial, and Morning Light Biological, while those with capital between 200 million to 500 million yuan include Baolingbao and Bailong Chuangyuan [1] - The primary production regions for sugar substitute companies in China are Shandong, Hebei, and Anhui provinces, with Shandong housing the most companies, including Sanyuan Biological, Baolingbao, and Bailong Chuangyuan [1] Group 2: Revenue Rankings - In 2024, Huakang Co., Ltd. leads the revenue ranking among listed sugar substitute companies in China, with sales exceeding 1.9 billion yuan. Baolingbao, Rhein Biotech, and Sanyuan Biological follow, each with revenues exceeding 500 million yuan [5] Group 3: Industry Concentration - The concentration levels in the sugar substitute industry are high for products like sucralose, aspartame, and sugar alcohols. Major manufacturers of sucralose include Jinhui Industrial and Shandong Kangbao, while aspartame is primarily produced by companies like Hanguang Sweeteners and the Vito Company [8] Group 4: Company Layout - Companies like Sanyuan Biological and Huakang Co., Ltd. have a high proportion of their business in sugar substitutes. Many companies focus on sugar alcohol products, with Huakang Co., Ltd. producing over 170,000 tons of crystalline sugar alcohol [9][11] - Key sales markets for Chinese sugar substitute companies include China, the Americas, Europe, and Japan and South Korea [9] Group 5: Competitive Analysis - The competitive state of the sugar substitute industry in China shows moderate competition among existing firms, with a significant threat from potential new entrants due to growing health demands [12] - The bargaining power of upstream suppliers is strong, as the main raw materials are sourced from starch and chemical raw material companies, which are generally larger than the sugar substitute manufacturers [12] - The bargaining power of downstream customers is relatively weak, especially for small clients, while industry leaders maintain some pricing power [12]

Core Viewpoint - The article discusses the emerging market for D-Allulose, a new sugar substitute approved for use in China, highlighting its potential applications and the industry's response to its commercialization [3][5][10]. Group 1: Market Potential and Demand - D-Allulose is recognized as a "new generation sugar substitute" with a sweetness level of 70% compared to sucrose and low caloric content, making it a promising alternative for the food industry [5][12]. - The global market for D-Allulose is projected to reach $14.77 million in 2024, with a compound annual growth rate (CAGR) exceeding 14% from 2025 to 2034 [6]. - The "Healthy China Action (2019-2030)" initiative aims to limit daily added sugar intake to 25 grams per person, increasing the demand for safer and higher-quality sugar substitutes [3][5]. Group 2: Production and Supply Chain - D-Allulose can be produced through two main methods: biological fermentation using E. coli and enzyme-catalyzed conversion, with the latter being more commonly adopted due to lower initial investment requirements [8][9]. - Major companies like COFCO and Baolingbao are ramping up production capabilities, with Baolingbao planning to reach an annual production capacity of approximately 30,000 tons by 2026 [9][12]. - The production process is currently limited by the availability of enzyme preparations, which are crucial for D-Allulose production [9][10]. Group 3: Industry Response and Challenges - Downstream companies, including Wahaha and Mengniu, are interested in testing D-Allulose in their products, but large-scale application is still in the research and testing phase [11][12]. - The cost of D-Allulose remains a significant barrier, with current prices ranging from 20,000 to 24,000 yuan per ton, compared to around 10,000 yuan per ton for erythritol [13][14]. - Concerns about potential overcapacity in the market exist, as seen with erythritol, which experienced a price drop due to oversupply [14][15]. Group 4: Future Outlook - The industry outlook for D-Allulose remains optimistic, with expectations that production costs will decrease as capacity increases [15]. - Key factors for market success include continuous technological innovation, cost control, and the establishment of a complete industrial ecosystem [15].

Core Insights - D-Allulose, a new natural sweetener, has been approved for commercial use in China, with significant industry interest and potential applications in food products [1][2][4] Industry Overview - The approval of D-Allulose aligns with the goal of reducing daily sugar intake to 25 grams per person by 2030 as outlined in the Healthy China Action Plan [1] - D-Allulose is recognized for its low-calorie content, being approximately one-tenth the energy of sucrose, and its potential benefits in managing obesity and type 2 diabetes [2] Market Potential - The global market for D-Allulose is projected to reach $14.77 million in 2024, with a compound annual growth rate (CAGR) exceeding 14% from 2025 to 2034 [3] Production and Technology - D-Allulose can be produced through two main methods: fermentation using E. coli and enzyme-catalyzed conversion [4] - Companies like Zhongliang Group have developed proprietary enzymes for D-Allulose production, while others rely on partnerships with research institutions for enzyme sourcing [5][11] Industry Players - Major companies such as Baolingbao, Sanyuan Biotech, and Dongxiao Biotech are expanding their D-Allulose production capabilities, with Baolingbao aiming for an annual capacity of 30,000 tons by 2026 [6][8] - Downstream companies, including Wahaha and Mengniu, are showing interest in testing D-Allulose in their products, although large-scale adoption is still in the experimental phase [7][8] Cost Considerations - The current price of D-Allulose ranges from 20,000 to 24,000 yuan per ton, significantly higher than erythritol, which is around 10,000 yuan per ton [9] - Companies are exploring ways to reduce costs through scale and customized formulations to enhance competitiveness [9][11] Challenges and Risks - The industry faces potential overcapacity risks, as seen with erythritol, which previously experienced a price crash due to oversupply [10] - The successful market penetration of D-Allulose will depend on continuous innovation, cost control, and the establishment of a comprehensive industry ecosystem [11]

Core Insights - D-Allulose, a new low-GI sweetener, has been approved for commercial use in China, with significant industry interest and potential applications in food products [1][2][4] - The global market for D-Allulose is projected to reach $14.77 million in 2024, with a compound annual growth rate (CAGR) exceeding 14% from 2025 to 2034 [3] Industry Overview - The approval of D-Allulose aligns with the "Healthy China Action (2019-2030)" initiative, which aims to limit daily added sugar intake to 25 grams per person by 2030 [1] - D-Allulose is recognized for its sugar-like taste, low caloric content (1.67 kJ/g or 0.4 kcal/g), and potential health benefits, including no impact on blood lipids or uric acid levels [2] Production and Supply Chain - D-Allulose can be produced through two main methods: fermentation using E. coli and enzyme-catalyzed conversion [4][5] - Companies like COFCO and Zhongda Hengyuan are actively developing production capabilities, with COFCO utilizing self-developed enzymes for production [5] - The production process is complex, with a need for advanced technology and significant initial investment, leading to a competitive landscape among producers [4][5] Market Dynamics - Downstream companies, including Wahaha and Mengniu, are showing interest in D-Allulose, but large-scale application is still in the testing phase [6][7] - The current cost of D-Allulose is significantly higher than other sweeteners, with prices ranging from 20,000 to 24,000 yuan per ton, compared to around 10,000 yuan per ton for erythritol [8] Future Prospects - The industry is optimistic about D-Allulose's potential, citing its broader application scenarios compared to erythritol, particularly in products sensitive to crystallization [10] - Key factors for market success include ongoing technological innovation, cost control, and the establishment of a complete industry ecosystem [10]

Core Viewpoint - The launch of D-allulose by COFCO Group marks a significant advancement in China's high-end functional sugar market and breaks international technological monopolies in the field of biological manufacturing [1][2]. Group 1: Product Launch and Market Impact - COFCO Group, through its subsidiaries, has introduced the first domestically produced D-allulose product, filling a gap in the high-end functional sugar market in China [1]. - D-allulose is recognized as a promising sugar substitute, with a sweetness level approximately 70% that of sucrose but only 10% of its calories, making it suitable for various food applications [1]. - The global D-allulose market is projected to reach $14.77 million in 2024, with a compound annual growth rate (CAGR) exceeding 14% from 2025 to 2034 [1]. Group 2: Industry and Health Implications - The introduction of D-allulose aligns with national public health initiatives, such as the "Weight Management Year," providing essential support for the Healthy China strategy [2]. - The product opens new innovation opportunities in low-sugar tea and baking industries, allowing consumers to enjoy healthier sweetness without compromising taste [2]. Group 3: Technological Advancements and Research - COFCO Group has invested significantly in research and development, successfully developing high-performance D-allulose-3-epimerase after extensive trials and genetic modifications [2]. - The company has established a comprehensive patent portfolio related to the biological synthesis of D-allulose, covering production strains, enzyme preparations, and separation processes, with 10 core patents already authorized [2][3]. - COFCO Group's commitment to technological innovation is reflected in its strategic initiatives, including policies that incentivize research and development as a core part of its business strategy [3].

Core Insights - COFCO Group, through its subsidiaries COFCO Biotech and COFCO Nutrition and Health Research Institute, has launched D-Allulose, marking the first large-scale production of this sugar alternative in China, filling a gap in the high-end functional sugar market [1][2] - D-Allulose, a natural sugar found in various plants, has a sweetness level of about 70% compared to sucrose but only 10% of its calories, positioning it as a promising sugar substitute [1] - The approval of D-Allulose as a new food ingredient aligns with national health initiatives and is expected to drive the upgrade of the domestic sugar substitute industry [1][2] Industry Developments - Since 2017, COFCO Group has been developing D-Allulose by screening from 498 gene banks and conducting thousands of mutation tests, leading to the successful development of a high-performance enzyme for its production [2] - COFCO has established a comprehensive patent portfolio for the biological synthesis of D-Allulose, including 17 patents covering production strains, enzyme preparations, and separation processes, with 10 core patents already authorized [2] - The company aims to create an innovative ecosystem in the health food industry, collaborating with various stakeholders to enhance the industry's growth and competitiveness [2]

Group 1 - The sugar substitute market in China is expanding, with a projected market size exceeding 400 billion yuan in 2023 and expected to reach 600 billion yuan by 2025 [2] - China is the largest producer of sugar substitutes globally, accounting for 75% of the world's production [2] - The demand for sugar substitutes is driven by health considerations, with 75% of beverage consumers in China opting for sugar-free products [2] Group 2 - Erythritol has become a mainstream sugar substitute due to its safety, zero calories, and non-impact on blood sugar levels, with the global market expected to reach approximately $910 million by 2024 [3] - In 2023, China's erythritol production capacity reached 380,000 tons, exceeding global demand, leading to price declines from 40,000 yuan/ton to 9,500 yuan/ton [3] - The erythritol industry is entering a phase of capacity reduction starting in 2024 due to previous overcapacity [3][4] Group 3 - Erythritol prices have shown signs of recovery, with current prices around 10,000 yuan/ton after a brief increase to 13,000 yuan/ton [5] - Major companies like Dongxiao Biological and Sanyuan Biological are focusing on improving production efficiency and product quality in the erythritol sector [6] - Dongxiao Biological is developing deep processing products from erythritol, such as erythritol ketone, which is gaining popularity in the European and American markets [6] Group 4 - Allulose, a new generation sugar substitute, has been approved for use in China, with a sweetness level of about 70% that of sucrose and only 10% of its calories [7] - Major sugar substitute producers are increasing investments in allulose production, with Dongxiao Biological expecting to launch its first products by the end of the year [8] - The global allulose market has grown from $33 million in 2019 to $173 million in 2023, with a projected CAGR of 33.26% [9]

Industry Overview - The domestic erythritol industry is establishing a new order after a round of capacity reduction and anti-dumping issues in Europe and the United States [1] - Erythritol supply and demand have returned to balance, but market prices remain low [1][2] - The new sugar substitute, allulose, has been officially approved and is expected to launch products within the year, initiating a new wave of competition [1] Company Performance - Sanwei Biological reported a revenue of 320 million yuan in the first half of the year, a decrease of 15.6% year-on-year, while net profit increased by 10.7% to 60 million yuan [1] - Baolingbao's performance improved significantly, with a revenue of 1.4 billion yuan, an 18% year-on-year increase, and a net profit of 90 million yuan, up 33.7% [1] - Baolingbao's sugar-reducing sweetener business generated 370 million yuan in revenue, a 61.2% increase year-on-year, with a gross margin improvement of 5.6 percentage points to 14.9% [1] Market Dynamics - The erythritol market experienced a surge in demand around 2021 due to the popularity of sugar-free beverages, leading to an expansion in production capacity [2] - By May 2023, domestic erythritol production capacity reached 380,000 tons, significantly exceeding global demand, resulting in a price drop from 40,000 yuan/ton to 9,500 yuan/ton [2] - The industry is currently in a painful capacity reduction phase, with overcapacity largely resolved as some new capacities have been halted or repurposed [2] Competitive Landscape - Competition in the erythritol industry has shifted from capacity to efficiency and quality [3] - Companies are focusing on improving production efficiency through advanced technologies, such as synthetic biology and precision fermentation [3] - The market is expected to see a consolidation of smaller players, allowing leading companies to capture a larger market share [3] New Product Development - Allulose has been approved as a new food ingredient, with major sugar substitute producers increasing investments and planning large-scale expansions [4] - Baolingbao's annual production capacity for allulose is expected to exceed 5,000 tons after technical upgrades, with plans to expand by an additional 20,000 tons in March 2025 [4] - The market performance of allulose remains to be seen, as its cost is still higher than erythritol despite improvements in extraction efficiency [4][5]